Deciding between three projects A company owned exclusively by residents in the Queensland coastal community of Noosa are offered three projects for which the cash flows are as follows in thousands of dollars. The directors work on 12 per cent as their RRR. Assume all cash flows occur at the end of the relevant years. There are no salvage values factored into the expected cash flows, and no salvage values are expected. a. Project Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 A -400 200 160 200 120 40 B -300 80 80 140 160 160 C -320 400 20 20 20 280 Calculate the four investment appraisal measures for each project. Accounting rate of return, Payback Period, Internal rate of return, Net present b. value Rank the projects and advise the directors which projects, if any, to accept. Give your reasons.